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Abdullah A. M. Al-Khodari Sons Company announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -32,142,471 -1,036,880 -2,999.92 -47,757,494 32.7
Gross profit (loss) -6,845,117 14,513,961 - -35,480,548 80.71
Operational profit (loss) -19,887,957 -3,799,598 -423.42 -47,354,273 58
All figures are in Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -119,128,800 33,512,731 -
Gross profit (loss) -53,459,873 117,975,269 -
Operational profit (loss) -105,929,787 34,713,167 -
Earning or loss per share, Riyals -2.14 0.6 -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the loss is due to:1-Decrease in revenue by 48% (SAR 184.3 million) mainly due to slow progress on the ongoing projects, decline in new project awards and extended slowdown in the construction sector.2-Decrease in Gross profit by 147.2% (SAR 21.3 million) mainly due to decline in revenue.3-Increase in financial charges by 41.2% (SAR 4.36 million.4-Decrease in other income by 60% (SAR 8.6 million)5-Increase in zakat expenses by 200% (SAR 2 million)
The above was favorably counteracted by:1-Decrease in direct costs by 44% (SAR 162.9 million) mainly due to reduction in manpower and depreciation costs.2-Decrease in selling and marketing costs by 35% (SAR 0.85 million).3-Decrease in G&A by 28% (SAR 4.4 million) mainly due to the savings in manpower costs and resource optimization.
Reasons of increase (decrease) for period compared with same period last year The reason for the loss is due to:1-Decrease in revenue by 34% (SAR 539.6 million).2-Decrease in Gross profit by 145% (SAR 171.2 million).3-Increase in financial charges by 11.2% (SAR 5.1 million).4-Decrease in other income by 8.6% (SAR 4.1 million).5-Increase in Zakat expense by 76.5% (SAR 2.55 million).
The above was counteracted by:1-Decrease in direct costs by 25% (SAR 368.3 million) mainly due to reduction in manpower and depreciation costs.2-Decrease in selling and marketing costs by 57% (SAR 8.5 million).3-Decrease in G&A by 32.6% (SAR 22.2 million).
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the loss is due to:1-Increase in G&A by 13.1% (SAR 1.3 million) mainly due to year end provisioning of employee bonus in this quarter.
2-Decrease in other income by 49.6% (SAR 5.6 million).3-Increase in financial charges by 32.6% (SAR 3.7 million)4-Increase in zakat expense by 567% (SAR 2.5 million)
The above was counteracted by:1-Decrease in Gross loss by 80.7% (SAR 28.6 million) mainly due to reduction in manpower and depreciation costs.
2-Decrease in selling & marketing expense by 9.1% (SAR 0.15 million)
Other notes 1-Gross revenue of the current quarter is SAR 201.07 million compared to SR. 385.4 million for the similar quarter of the previous year with a decrease of 47.8%.
2-Gross Revenue of the period is SAR. 1,030.3 million compared to SAR. 1,569.9 million for the similar period of the previous year with a decrease of 34.4%
3-The shareholders equity (No minority interests) till the end of the period is SAR. 769.06 million compared to SAR. 889.39 million for the similar period of the previous year with a decrease of 13.5%
4-New awards for the fourth quarter of 2016 were SAR 65.5 million compared to SAR 11.9 million during the same quarter last year. The contract backlog is SAR 2,852.8 million at the end of fourth quarter 2016 compared to SAR 3,898.5 million for the same quarter of the previous year.
5-Earning per Share for the similar period of the previous year has been restated due to the recalculation of the Earning per Share based on the current number of shares of 55,781,250 shares that has been increased according to the resolution of the Extra General Assembly held on 28 June 2016.

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